1. Technical Field
The present invention relates to an architecture for managing research information, and more specifically relates to an architecture that utilizes an XML based information management system for managing research data to create financial markets research reports.
2. Related Art
As the amount of money being invested in financial markets continues to grow, the creation, packaging and selling of financial markets research data has become more and more prevalent. Financial markets research data can often be one of the most important tools for investors and money managers in forming investment strategies. Given the volatile nature of most financial markets, access to timely and accurate research data is therefore critical for predicting the performance of stocks and other commodities. Unfortunately, the process of efficiently providing financial markets research data presents significant data processing challenges.
In order to address these challenges, automated processes are required that can effectively handle the many different types of markets and financial instruments, high volumes of research data, the different types of clients, the different types of technologies that exist across a research enterprise, the different types of technologies used by clients, etc. For instance, research reports generated by research enterprises are often compiled from many disparate sources, such as market data vendors, research analysis authors, internal research systems, etc. Often these sources exist in various formats, e.g., MS OFFICE®, RIXML, proprietary XML formats, etc. Accordingly, a mechanism is required that can absorb different formats. Moreover, the source data must be captured and maintained in an environment that can be easily searched by users preparing research reports.
Furthermore, the creation of a research report may require input or review from multiple parties within an enterprise. For instance, an analyst may generate an initial draft of a research report, which may then be edited by a manager, reviewed by a legal department, forwarded to a marketing department, etc. Often these parties may reside at different physical locations and may utilize different information technologies. As a result, many different versions of the research report may exist in different formats throughout the enterprise.
Additionally, even after the research report content is finalized, it must be packaged and delivered in an appropriate format. For instance, the research report may be directed towards institutional clients, as opposed to small investors. The report may comprise a short “flash” report, as compared to an in depth piece. The report may involve a mutual fund, as opposed to a single equity. The report may need to be sent in formats that can support a PDA, Windows, and/or HTML interface. Accordingly, given the numerous possible permutations, the enterprise must maintain hundreds or even thousands of templates to handle the many different possible formats for each such research report.
Moreover, enterprises that provide financial markets research data are under significant scrutiny to avoid any potential legal and/or ethical improprieties. Accordingly, systems are required that can be used to audit the processes involved in creating research reports.
Given the need for accuracy and timeliness in delivering such reports, a robust information management tool is needed for companies generating financial markets research data.